£54m strategic land sale for Harworth Group

Property business Harworth Group has exchanged contracts to sell its strategic site in Antsy, Warwickshire to SDI Propco for £53.5m.

The sale is conditional on the granting of hybrid planning permission for the 278 acre site which is adjacent to Junction 2 of the M6 with the value almost £30m ahead of the sites 30 June valuation.

Rotherham-based Harworth acquired the site in October 2019 and has undertaken land assembly works over the last two years.

Lynda Shillaw

Lynda Shillaw, chief executive of Harworth, said: “Our Ansty site demonstrates Harworth’s unique skills in acquiring and assembling land in locations that are strategic employment hubs within the regions in which we operate.

“By working with a large strategic occupier, this sale enables us to accelerate delivery of this site. The proceeds will be recycled into progressing development activities across our sites and making acquisitions, such as the Rothwell site that we acquired last month.

“Together with our strong sales activity across our major development sites in the final quarter of 2021, these transactions underline how we are already delivering on our recently announced strategy to double the size of our business over the next five to seven years.”

This is the latest deal for the property business which is focused on land regeneration and sustainable development, having sold a 24-acre industrial scheme in Barnsley recently and the former Kellingley colliery site.

The sale comes as the business continues to benefit from the demand for sheds and beds, with its shares at a nine year high and currently sitting at 177.50p per share.